Inflation accelerated in February and stood at 8.85% in the accumulated of the last 12 months, from a previous 8.15% in January.
According to data released this Friday by the National Institute of Statistics (INE), there was a monthly variation of 1.47% during the second month of the year. The figure was well above analysts’ expectations (0.8% according to a Central Bank survey).
In this way, inflation remained at its highest level since February 2021 (9.12%) and moved away from the ceiling of the target range set by the authorities (between 3% and 7%).
In February, the items with the highest incidence were food and non-alcoholic beverages (0.87%), education (0.15%), housing (0.1%) and transportation (0.06%).
The food and beverage category rose 3.18%. An increase in the price of meat (1.81%), milk, eggs and cheese (2.2%), and legumes and vegetables (20.7%). Products such as bread and cereals also became more expensive (1.41%).
Meanwhile, the education category had a rise of 3.91% and it is explained by the increase in the prices of preschool, primary, secondary and university education.
In addition, the housing category became more expensive 0.69 % and is explained by increases in housing rental prices, sanitation and sewerage, and supergas.
The prices of the transportation item rose 0.64% due to the increase in the rates of gasoline, diesel and taxi service.
The #inflation annual variation increased again to 8.8% (the median of analysts expected 8.1% and CPA 8.3%), influenced by fruits and vegetables (annual variation went from -11.1% in Jan. to +2.5% in Feb.)
Important: the trend component fell from 8.5% to 8.2% (first drop since set.) pic.twitter.com/CZL5jqwCZM
— Nicholas Cichevski (@ncichevski) March 4, 2022